Asyst Technologies Reports Results for Fiscal Fourth Quarter.FREMONT Fremont (frē`mŏnt). 1 City (1990 pop. 173,339), Alameda co., W Calif., on San Francisco Bay; inc. 1956. Long an agricultural center, with champagne vineyards founded (1870) by Leland Stanford, it still ships fruits and vegetables. , Calif. -- Asyst Technologies, Inc., (Nasdaq:ASYT), a leading provider of integrated automation solutions that enhance semiconductor and flat panel display A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time manufacturing productivity, today announced consolidated financial results for its fiscal fourth quarter ended Mar. 31, 2005. Consolidated net loss for the fiscal fourth quarter on a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis was $2.9 million, or $(0.06) per share. This compares with a GAAP net loss of $11.6 million, or $(0.24) per share, in the fiscal third quarter. The non-GAAP net loss for the fiscal fourth quarter was $2.5 million, or $(0.05) per share, compared with a non-GAAP net loss of $1.7 million, or ($0.04) per share, in the fiscal third quarter. A table reconciling GAAP operating results to non-GAAP operating results is provided as part of this release. Consolidated net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the fiscal fourth quarter were $142.1 million, down 12% from $161.4 million in the prior sequential One after the other in some consecutive order such as by name or number. quarter. Net sales for the fiscal fourth quarter at Asyst Shinko, Inc. (ASI ASI, n See Anxiety Sensitivity Index. ), the company's 51%-owned joint venture with Shinko Electric Co., Ltd., were $102.9 million, compared with $109.3 million in the fiscal third quarter. Net sales for the fiscal fourth quarter at ATI (ATI Technologies Inc., Markham Ontario, http://ati.amd.com) A leading manufacturer of graphics chips and display adapters. Founded in 1985 by K. Y. Ho, Benny Lau and Lee Lau, ATI chips and boards are widely used by OEMs. were $39.2 million, which compares with $52.1 million in the prior sequential quarter. In the fiscal fourth quarter, consolidated gross margin was 24%, up from 18% in the fiscal third quarter. Gross margin at ASI was 19%, up from 10% in the fiscal third quarter, as a result of significantly higher margin sales mix sales mix See product mix. and better management of project costs. Gross margin at ATI was 38%, up from 34% in the fiscal third quarter, despite a 25% decrease in sales. The gross margin improvement at ATI in the fiscal fourth quarter is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the company's continuing manufacturing cost reduction programs. Total net bookings for the fiscal fourth quarter were $130 million, which compares with $154 million in the prior sequential quarter. Bookings at ASI were $86 million, essentially all related to semiconductor AMHS AMHS ATS Message Handling System (air traffic control) AMHS Alaska Marine Highway System AMHS Automated Message Handling System AMHS Aeronautical Message Handling System AMHS Academic Magnet High School . ATI bookings in the quarter were $44 million. "We achieved significant improvements in gross margin at both ASI and ATI despite declining sales in both businesses," said Steve Schwartz Dr. Schwartz founded Unitrends in 1989 in Myrtle Beach, South Carolina. Schwartz is considered the initial developer of a data recovery and restoration technique known as bare-metal restore and is recognized in the software industry as the developer of CTAR (Compressing Tape Archiver) and , chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "As a result of focused efforts by ATI and ASI to improve account and project management, we have steadily improved the profitability of our AMHS business. At ATI, we continued to reduce both variable and fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). in our outsourced manufacturing model. ATI's 38% gross margin in the fourth quarter exceeded our performance in the June June: see month. quarter of 2004, our peak ATI quarter in the most recent upturn, and we accomplished the higher margin on essentially half the sales volume. This margin performance, combined with our strong and improving customer satisfaction metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. , confirms our belief that we have a solid leveraged manufacturing model that can efficiently handle more volume and additional products." Schwartz Schwartz is a Canadian spices brand. It is also a common surname and may refer to:
prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. third-party sources, this led to a 31% share in our semiconductor served market in calendar 2004, which is a full 8% increase over our 23% share in calendar 2003. With what we believe are the industry's best products, a strong service and support footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. , solid operational capability and growing market share, we are well positioned in the marketplace. We also are confident that our improved margin performance is sustainable." Outlook For the fiscal first quarter ending June 2005, the company provided the following guidance. This guidance is forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. , and actual results may differ materially:
A[micro] -- Consolidated net sales are expected to be in the range of $120
to $130 million.
A[micro] -- GAAP net loss is expected to be $3-5 million, or $(0.06) to
$(0.10) per share.
A[micro] -- On a non-GAAP basis, the company expects to report a net loss
of $1-3 million, or $(0.02) to $(0.06) per share. To reconcile
net loss under GAAP to non-GAAP net loss, the company expects
to exclude:
A[micro] -- $2.0 million related to the amortization of intangibles,
net of taxes and minority interest
A[micro] -- $0.2 million of stock-based compensation expense, as part
of selling, general & administrative expense
As announced in the company's press releases of Dec. 20, 2004, and Feb. 3, 2005, management has concluded that its filing delay for the second quarter of fiscal 2005 and its restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. of fiscal 2005 first quarter results constitute material weaknesses in the company's internal control over financial reporting. The company is continuing to devote substantial resources to timely improving its internal control; however management has not completed its assessment of internal control as of the fiscal year ending Mar. 31, 2005, and may not be able to complete this assessment by the time the company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. is filed in June 2005. Management currently expects to conclude that internal control was not effective as of the fiscal year ended Mar. 31, 2005, due to material weaknesses that existed at that date.
Contact: John Swenson
Vice President, Investor Relations & Corporate Communications
Asyst Technologies, Inc.
510-661-5000
About Our Non-GAAP Operating Results and Adjustments To supplement our consolidated financial results prepared under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ("GAAP"), we use a non-GAAP measure of operating results that is GAAP net income (loss) adjusted to exclude certain costs, expenses and gains. Our non-GAAP net income (loss) gives an indication of our baseline The horizontal line to which the bottoms of lowercase characters (without descenders) are aligned. See typeface. baseline - released version performance before gains, losses or other charges that are considered by management to be outside of our core operating results. In addition, our non-GAAP net income (loss) is among the primary indicators management uses as a basis for planning and forecasting future periods. This measure is not in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with, or an alternative for, GAAP and may be materially different from non-GAAP measures used by other companies. We compute To perform mathematical operations or general computer processing. For an explanation of "The 3 C's," or how the computer processes data, see computer. non-GAAP net income (loss) by adjusting GAAP net income (loss) for the impact of amortization of acquisition-related intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. , restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charges, costs related to events outside the normal course of business, and other non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. and gains. The presentation of this additional information should not be considered in isolation or as a substitute for net income (loss) prepared in accordance with GAAP. About Asyst Asyst Technologies, Inc. is a leading provider of integrated automation solutions that enable semiconductor and flat panel display (FPD (1) (Flat Panel Display) See LCD, plasma display, EL display, FED and flat panel display. (2) (Field Programmable Device) An umbrella term for all chips that can be programmed by the customer including SPLDs, CPLDs and FPGAs. See PLD. ) manufacturers to increase their manufacturing productivity and protect their investment in materials during the manufacturing process. Encompassing isolation systems, work-in-process materials management Materials management is the branch of logistics that deals with the tangible components of a supply chain. Specifically, this covers the acquisition of spare parts and replacements, quality control of purchasing and ordering such parts, and the standards involved in ordering, , substrate-handling robotics robotics, science and technology of general purpose, programmable machine systems. Contrary to the popular fiction image of robots as ambulatory machines of human appearance capable of performing almost any task, most robotic systems are anchored to fixed positions , automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. transport and loading systems, and connectivity automation software, Asyst's modular, interoperable The ability for one system to communicate or work with another. See interoperability. solutions allow chip and FPD manufacturers, as well as original equipment manufacturers, to select and employ the value-assured, hands-off hands-off adj. Characterized by nonintervention: a hands-off foreign policy. Adj. 1. hands-off - not involving participation or intervention; "a hands-off foreign policy" manufacturing capabilities that best suit their needs. Asyst's homepage is http://www.asyst.com. Conference Call Details A live webcast of the conference call to discuss the quarter's financial results will take place today, May 10, 2005, at 5:00 p.m. Eastern Time. The webcast will be publicly available on Asyst's website at http://www.asyst.com and accessible by going to the investor relations Investor relations The process by which the corporation communicates with its investors. page and clicking on the "webcast" link. For more information, including this press release, any non-GAAP financial measures that may be discussed on the webcast as well as the most directly comparable GAAP financial measures and a reconciliation of the difference between those GAAP and non-GAAP financial measures, as well as any other material financial and other statistical information contained in the webcast, please visit Asyst's website at www.asyst.com. A replay of the Webcast may be accessed via the same procedure. In addition, a standard telephone instant replay of the conference call is available by dialing 303-590-3000, followed by the passcode 11028179#. The audio instant replay is available from May 10 at 7:00 p.m. Eastern Time through May 24 at 11:59 p.m. Eastern Time. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 Except for statements of historical fact, the statements in this press release are forward-looking. Such statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include, but are not limited to: uncertainties related to the timing and magnitude of charges relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc restructuring activities; the failure to complete, at all or in a timely, efficient or cost-savings manner, planned restructuring activities and outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. programs; uncertainties in operations and the possibility of management and employee changes at ASI that may adversely impact ASI operations, customer relations and completion of customer projects; the possibility that previously disclosed matters within ASI comprising a material weakness in the company's internal control over its consolidated financial reporting could prevent the company from timely meeting its future reporting requirements, including timely certification under Section 404 of the Sarbanes-Oxley Act See SOX. of 2002; the possibility that the company's failure to timely meet its future reporting requirements, including timely certification under Section 404 of the Sarbanes-Oxley Act of 2002, could result in proceedings being initiated against the company, including possible de-listing of the company's common stock from trading on the Nasdaq National Market; the volatility of semiconductor industry cycles; our ability to achieve forecasted revenues and maintain and improve gross margins through outsourced manufacturing, reduced operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , and improved management of cash flows (and the timing and degree of any such improvements in gross margins, reductions in operating expenses and management of cash flows); failure to respond to rapid demand shifts; dependence on a few significant customers; the transition of the industry from 200mm wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. to 300mm wafers and the timing and scope of decisions by manufacturers to transition and expand fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. facilities; continued risks associated with the acceptance of new products and product capabilities; the risk that customers will delay, reduce or cancel (character) Cancel - (CAN, Control-X) ASCII character 24. planned projects or bookings and thus delay recognition or the amount of our anticipated revenue; competition in the semiconductor equipment industry and specifically in AMHS; failure to integrate in an efficient and timely manner acquired companies and to complete planned restructuring and outsourcing programs; failure to retain and attract key employees; and other factors more fully detailed in the company's annual report on Form 10-K for the year ended Mar. 29, 2004, and quarterly reports on Form 10-Q Form 10-Q See 10-Q. and 10-Q/A filed with the Securities and Exchange Commission. Asyst is a registered trademark of Asyst Technologies, Inc. Asyst Shinko is a registered trademark of Asyst Shinko, Inc. All Rights Reserved.
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands)
March 31, March 31,
2005 2004
------------- ------------
ASSETS
CURRENT ASSETS:
Cash, cash equivalents and short-term
investments $ 101,180 $ 117,860
Restricted cash and cash equivalents - 1,904
Accounts receivable, net 189,790 147,939
Inventories 29,785 27,694
Prepaid expenses and other 30,448 14,276
------------- ------------
Total current assets 351,203 309,673
------------- ------------
LONG-TERM ASSETS:
Property and equipment, net 15,458 22,868
Goodwill 69,614 71,973
Intangible assets, net 40,898 65,778
Other assets 4,795 3,317
------------- ------------
Total long-term assets 130,765 163,936
------------- ------------
Total assets $ 481,968 $ 473,609
============= ============
LIABILITIES, MINORITY INTEREST AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term loans and notes payable $ 20,563 $ 18,161
Current portion of long-term debt and
capital leases 2,757 2,775
Accounts payable 123,155 109,910
Accrued liabilities 66,323 48,571
Deferred revenue 6,013 2,683
------------- ------------
Total current liabilities 218,811 182,100
------------- ------------
LONG-TERM LIABILITIES:
Convertible notes 86,250 86,250
Other long-term debt and capital leases,
net of current portion 2,662 4,824
Other long-term liabilities 22,519 33,530
------------- ------------
Total long-term liabilities 111,431 124,604
------------- ------------
MINORITY INTEREST 62,850 63,796
------------- ------------
SHAREHOLDERS' EQUITY: 88,876 103,109
------------- ------------
Total liabilities, minority interest and
shareholders' equity $ 481,968 $ 473,609
============= ============
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)
Three Months Ended Fiscal Years Ended
-----------------------------------------
Mar 31, Mar 31, Mar 31, Mar 31,
2005 2004 2005 2004
-----------------------------------------
NET SALES $ 142,050 $ 130,137 $ 611,464 $ 301,642
COST OF SALES 107,504 103,978 486,241 248,453
--------- --------- --------- ---------
Gross profit 34,546 26,159 125,223 53,189
--------- --------- --------- ---------
OPERATING EXPENSES:
Research and development 7,464 9,157 34,701 36,376
Selling, general and
administrative 21,985 19,267 83,970 70,541
Amortization of acquired
intangible assets 5,258 5,326 20,436 20,160
Restructuring and other
charges 55 (12) 1,758 6,581
Asset impairment charges - - 4,645 6,853
--------- --------- --------- ---------
Total operating expenses 34,762 33,738 145,510 140,511
--------- --------- --------- ---------
Operating loss (216) (7,579) (20,287) (87,322)
Other expense, net (513) (2,042) (1,577) (6,635)
--------- --------- --------- ---------
Loss before benefit from
income taxes and minority
interest (729) (9,621) (21,864) (93,957)
BENEFIT FROM INCOME TAXES 762 1,648 3,311 6,150
MINORITY INTEREST (2,892) 272 (67) 4,358
--------- --------- --------- ---------
NET LOSS $ (2,859)$ (7,701)$ (18,620)$ (83,449)
========= ========= ========= =========
---------------------------------------
BASIC AND DILUTED NET LOSS
PER SHARE $ (0.06)$ (0.16)$ (0.39)$ (2.00)
========= ========= ========= =========
SHARES USED IN THE PER SHARE
CALCULATION 47,678 47,020 47,441 41,805
============================== ========= ========= ========= =========
ASYST TECHNOLOGIES, INC.
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET LOSS
(Unaudited; in thousands, except per share data)
Three Months Ended
------------------
Mar 31, 2005 Dec 25, 2004
--------------------------------
GAAP net loss $(2,859) $(11,644)
Adjustments:
Stock based compensation expense 566 205
Professional fees related to ASI - 1,720
Amortization of intangible assets 5,258 5,086
Restructuring charges 55 1,116
Asset impairment charges - 4,645
Release of deferred tax valuation
allowance (2,161) -
Income tax benefit relating to
amortization of intangible assets (2,508) (1,699)
Minority interest relating to the
ASI adjustments above (839) (1,151)
------- --------
Non-GAAP net loss $(2,488) $ (1,722)
======= ========
Basic and diluted non-GAAP net loss
per share $ (0.05) $ (0.04)
Shares used in the per share
calculation - basic and diluted 47,678 47,553
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited; in thousands, except per share data)
Three Months Ended March 31, 2005
---------------------------------
Consolidated
ATI ASI Under GAAP
-------- --------- ------------
SUPPLEMENTAL STATEMENT OF OPERATIONS
NET SALES $ 39,153 $ 102,897 $ 142,050
COST OF SALES 24,183 83,321 107,504
------- -------- --------
Gross profit 14,970 19,576 34,546
------- -------- --------
OPERATING EXPENSES:
Research and development 5,327 2,137 7,464
Selling, general and administrative 16,200 5,785 21,985
Amortization of acquired intangible
assets 1,037 4,221 5,258
Restructuring charges 55 - 55
------- -------- --------
Total operating expenses 22,619 12,143 34,762
------- -------- --------
Operating income (loss) (7,649) 7,433 (216)
Other income (expense), net (742) 229 (513)
------- -------- --------
Income (loss) before (provision for)
benefit from income taxes and
minority interest (8,391) 7,662 (729)
(PROVISION FOR) BENEFIT FROM INCOME
TAXES 2,628 (1,866) 762
MINORITY INTEREST - (2,892) (2,892)
------- -------- --------
NET INCOME (LOSS) $ (5,763) $ 2,904 $ (2,859)
======= ======== ========
Basic net income (loss) per share $ (0.12) $ 0.06 $ (0.06)
Diluted net income (loss) per share $ (0.12) $ 0.06 $ (0.06)
Shares used in the per share
calculation - basic 47,678 47,678 47,678
Shares used in the per share
calculation - diluted 47,678 47,924 47,678
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